Practical Advice nearing Completion and on Completion of your Purchase

Insure your Property

If you are buying a leasehold property it is almost always the Landlord’s responsibility to take out buildings insurance. However, if buildings insurance is your responsibility, you should make sure the property is insured from the date of exchange of contracts. The standard conditions of sale are very often varied by the Seller to say that the risk passes to the Buyer on exchange of contracts. This means that if the property is damaged between exchange and completion, it is the responsibility of the Buyer.

 It is in the Buyer’s interest not to agree to this variation but it is often the case these days that sellers insist on it.

As for contents insurance, you must of course remember to insure accordingly on completion.

Arrange for a removal company to assist you with your belongings.

You should book the removal company as soon as you know when you are going to complete. This is usually when you have exchanged contracts since the completion date will have been fixed. If there is to be a simultaneous exchange and completion (where you exchange and complete on the same day) you will need to find out beforehand when this will happen so you can arrange booking the removal company accordingly.

Collecting the Keys

Arrangements for the collection of keys are usually made with the estate agents and keys are generally picked up from the estate agent’s offices. Where an estate agent is not involved, arrangements may be made between the parties themselves or the keys can be left with the buyer’s solicitor. If the property is a new build the keys are usually collected from the Developer’s main office on site. In any event, any arrangements made regarding the collection of the keys  should be notified to your conveyancer beforehand.

Notify utility companies and the local authority regarding council tax

This should be done when you complete and you can usually let them know by telephone.

Notify your bank/building society and other relevant companies regarding your change of address

You should do this in writing or in person.

Give yourself a pat on the back for buying a property!

A great achievement!